UNCW acquires Plato’s Lofts for $16.25 million, securing 216 student housing beds

WILMINGTON, NC (WWAY) — The University of North Carolina Wilmington has secured long-term housing for more than 200 students following a $16.25 million acquisition of an apartment complex near campus.

UNCW announced that UNCW Corporation II Randall Parkway, LLC completed the purchase of Plato’s Lofts on Oct. 29, permanently securing 216 beds for university students.

The buyer is a wholly owned subsidiary of UNCW Corporation II, a nonprofit organization that supports the university.

The property already serves UNCW students, and university officials say current residents should experience a seamless transition following the acquisition.

Plato’s Lofts will also keep its current name for the immediate future.

Securing long-term student housing

University officials say the purchase will provide greater control over housing costs while expanding UNCW’s permanent student housing inventory.

“This acquisition secures housing our students already rely on at a price that makes sound financial sense,” said Miles Lackey, vice chancellor for business affairs and chief financial officer. “It gives us greater control over long-term housing costs and supports our efforts to keep this option affordable for the students who live there.”

According to UNCW, financial projections indicate that revenue generated by the property will cover applicable operating expenses and debt payments.

The university says the acquisition builds on an existing student housing operation rather than creating a new housing development.

What is included in the purchase?

Located at 4810 Randall Parkway near UNCW’s campus, Plato’s Lofts features 54 four-bedroom apartments spread across three residential buildings.

The property also includes a clubhouse and swimming pool.

The apartments provide housing for sophomores, juniors and seniors, offering upperclassmen an alternative to traditional residence halls.

“Students have enjoyed living at Plato’s Lofts, and this purchase allows us to make it a lasting part of our housing offerings,” said Kevin Meaney, executive director of housing and residence life. “Securing these apartments expands our permanent housing inventory and gives upperclassmen an appealing option to stay close to campus and connected to the UNCW community.”

University officials say the acquisition will help ensure Plato’s Lofts remains a long-term housing option for students while supporting efforts to maintain affordability.